True or False _______ 1. Financial assets at amortized cost shall be measured at fair value through profit or loss. _______ 2. Transaction costs include fees and commission paid to agent, levies by regulating authorities, transfer taxes and duties. _______ 3. As a rule, transaction costs that are directly attributable to the acquisition of a financial asset should be capitalized as cost of the financial asset. _______ 4. Financial assets held for trading are reported at cost. _______ 5. The stockholder theoretically realized income from dividend at the data of record. _______ 6. As investee is an entity over which the investor has significant influence. _______ 7. Trading bond investment are reported at face amount. _______ 8. A gain or loss on sale of trading bond investment is the difference between sale price and fair value. _______ 9. The interest rate written on the face of the bond is known as nominal rate. _______ 10. Major spare part and standby equipment which are expected to be used over a period of more than one (1) year shall be classified as inventory. _______ 11. Costs that are expensed immediately include cost of testing an asset. _______ 12. The carrying amount of property plant and equipment shall be derecognized on disposal and when no future economic benefits are expected from its use. _______ 13. Fence and parking lot are reported as land. _______ 14. The cost of land usually includes cost of survey. _______ 15. Replacement of small part annually should not be capitalized.
True or False
_______ 1. Financial assets at amortized cost shall be measured at fair value through profit or loss.
_______ 2. Transaction costs include fees and commission paid to agent, levies by regulating authorities, transfer taxes and duties.
_______ 3. As a rule, transaction costs that are directly attributable to the acquisition of a financial asset should be capitalized as cost of the financial asset.
_______ 4. Financial assets held for trading are reported at cost.
_______ 5. The stockholder theoretically realized income from dividend at the data of record.
_______ 6. As investee is an entity over which the investor has significant influence.
_______ 7. Trading bond investment are reported at face amount.
_______ 8. A gain or loss on sale of trading bond investment is the difference between sale price and fair value.
_______ 9. The interest rate written on the face of the bond is known as nominal rate.
_______ 10. Major spare part and standby equipment which are expected to be used over a period of more than one (1) year shall be classified as inventory.
_______ 11. Costs that are expensed immediately include cost of testing an asset.
_______ 12. The carrying amount of property plant and equipment shall be derecognized on disposal and when no future economic benefits are expected from its use.
_______ 13. Fence and parking lot are reported as land.
_______ 14. The cost of land usually includes cost of survey.
_______ 15. Replacement of small part annually should not be capitalized.
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